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Cycle Lows Within Touching Distance, Local Markets Shut

JPY

The yen remains within touching distance from a six-year high printed last Friday as Japanese markets are shut for a public holiday. Spot USD/JPY trades at Y119.23, a touch higher on the day, and a clearance of the aforementioned cycle high of Y119.40 would turn focus to the psychological round number of Y120.00. Bears look to a pullback under Mar 16 low of Y118.18.

  • Later this week, focus turns to Japan's final machine tool orders (Wednesday), flash PMI figures (Thursday) & Tokyo CPI (Friday). In addition, the minutes from the BoJ's January MonPol meeting will be published on Thursday, with BoJ's Kataoka due to speak the following day.
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